First stop to industry revenues after five months, with a drop of 0.2% compared to the previous month. Cyclical slowdown, however, obscured by the annual comparison, which once again sees double-digit growth, consolidating the balance sheet for the first six months of the year: + 20.6% between January and June.
At a first reading, one could even speak of a new economic miracle. In fact, when had industry revenues soared to this extent and with such continuity, presenting the sixteenth consecutive month of double-digit growth?
First reading, that of the data on industry turnover in June, which proposes a resounding + 18%, double-digit growth compared to the previous year which would seem to indicate an excellent state of health of our manufacturing. This increase, however, occurs in a phase of explosive inflation, in which consumer prices only partially tell what is happening upstream. With producer prices, the first level of trade in products or components affecting industry, to rise by more than 30% in June.
Thus, what appears to be a monstrous increase in nominal terms is reduced somewhat by purifying the price effect data and looking only at the volumes produced. Volumes that grow on an annual basis by only 1.6% (instead falling by 1.6% compared to May), while the values increase by 17.3%.
Signs of a slowdown are arriving, as has also been seen by looking at the comparison with May, where a drop of 0.2% is recorded, the first slowdown after five uninterrupted months of increases.